In the tech world, an update to an operating system is welcome news. That’s likely one reason why Veritone Inc. shares enjoyed a double-digit percentage surge in Thursday’s trading on Wall Street.
At the Closing Bell, Veritone shares were up 16.4%, to $15.32, on higher-than-average volume of 834,832 shares. Normal volume for Veritone is 288,567 shares.
With a 1-year Target Estimate of $24.25 and prices at mid-August 2017 levels — an unfortunate situation for investors who bought Veritone stock at the height of a swift two-month rise and fall that began in September 2017 and concluded in November 2017.
On Sept. 18, VERI had closed at $56.28 and showed no signs of a slow down. Then, the company’s stock cratered after financial analysts questioned if it was overvalued, based on what the company actually provides its clients.
Veritone has firmly established itself in broadcast media circles as a provider of cognitive AI-based analytics, providing real-time data based on brand mentions and appearances that allows a radio and/or TV station to monetize it — along with traditional advertising.
Today’s welcome rise in Veritone stock is likely fueled by the company’s announcement of “an upcoming launch” of an update to its AI operating system, aiWARE.
This update is a big one, as it will allow aiWARE to support real-time AI processing.
The aiWARE real-time framework is scheduled to launch in April 2018 with natural language processing (NLP) engines, and Veritone plans to expand its offering of real-time enabled engines across the rest of the company’s 15-plus cognitive categories, including transcription, sentiment, visual moderation, translation, as well as object, face, and optical character recognition, throughout the remainder of 2018.
Veritone SVP/Chief Product Officer Hong Bui said, “As a result of this upgrade, we’re now able to deliver transcription results within seconds.”
Veritone President Ryan Steelberg, who RBR+TVBR will be meeting with at the 2018 NAB Show in Las Vegas, added, “In the media and entertainment space, we believe that this new capability will help meet the needs of broadcasters who must adhere to FCC mandates for pre-recorded, live, and near-live programming, as well as enable faster and more cost-effective captioning.”
Veritone representatives will be at NAB Show 2018 in three locales: the AWS booth SU2022 in South Upper Hall, NetApp booth S111LMR South Lower Hall, and Quantum booth SL8511 South Lower Hall